Wednesday, August 6, 2025
23.3 C
Lagos

UK Mobile Payments Platform Registers 1m Users, £6.5m Transaction

The UK Payments Council says that over a million people have registered to use its mobile payments service, Paym, since the service launched in April this year. During that time just over £6.5 million has been sent using the service.

Customers of Bank of Scotland, Barclays, Cumberland Building Society, Danske Bank, Halifax, HSBC, Lloyds Bank, Santander and TSB have been able to send and receive Paym payments since April 29th 2014, meaning the one million users’ milestone has been reached within 100 days of the service going live.
Later this year, Paym will expand further becoming available to more than nine out of ten current account holders.

An increase in consumer awareness and confidence in mobile payments services has also been highlighted. With figures showing that the awareness of mobile payment services amongst consumers increased from 45 percent before the launch of Paym up to 75 percent just a week after the service became available.

Of those already using Paym, 65 percent are confident in its ability to be a safe and secure way to transfer money to family and friends.

All customers need to do is register their mobile number and select the current account they want to receive payments into; then there is no need for the person sending them money to know sort codes or account numbers.

Payment is integrated into the existing mobile banking or payment apps offered by participating banks and building societies, meaning customers benefit from the same security protection when making payments.

Jemma Smith, Director of Communications & Education at the Payments Council said:

“I think that securely paying back friends and family using just their mobile number will become second nature — and we’ll wonder why we ever did anything else. The next big step forward is more banks and building societies joining before the end of the year, and as a result we look forward to millions more people signing up and using the service.”

spot_img
spot_img

Hot this week

Investor Confidence: Stanbic IBTC Holdings Surpasses ₦100 Stock Price Threshold

Stanbic IBTC Holdings Plc has achieved a remarkable milestone,...

Leadway Assurance Partners Ecobank to Expand Access to Tailored Insurance Solutions

Leadway Assurance, Nigeria's leading insurance provider, has formally entered...

ICAN Fidelity Bank Chapter Chair to Focus on Capacity Building, Professional Excellence

L-R: Chairman of the Occasion and Regional Bank Head...

Sterling HoldCo Delivers 157% Profit Growth in Half-Year 2025

Sterling Financial Holdings Company Plc has reported a 157%...

Topics

World Pasta Day 2020: How Crown Flour Mill Boosts Consumers’Pasta Palate

Since October 25, 1995, when the international community officially...

9Mobile: NCC in a Fix over Court Order

The plan by the Nigerian Communications Commission (NCC) to...

Effective Judicial System Will Assist Nigerian Economy – Amb. Rimi

AMCON MD/CEO, Ahmed Kuru (left); Nigerian Ambassador to Egypt,...

Fidelity Bank Undertakes ₦29.6 bn Rights Issue, ₦97.5 bn Public Offer

L – R: Stanley Amuchie, Executive Director, Chief Operations...

NCC to Unveil Strategic Management Plan (SMP) 2020-2024 on June 23

In line with the objective of creating a seamless...

Digital First Insurance – Heirs Insurance Group Unveils Mobile App, Chatbot, USSD Channels

Leading insurance companies, Heirs General Insurance (HGI) and Heirs...

ZTE Signs 5G R&D MoU with SoftBank

ZTE says that it has signed a deal with Japan's SoftBank to collaborate on research and development on pre 5G networks technology. Under the MOU, the two companies will cooperate on R&D, evaluation and verification of mobile communications solutions based on ZTE's Pre5G technology, including Massive MIMO (multiple input multiple output).

‘Africa Must Close Science & Tech Gap to Take Advantage of AfCFTA’

H.E. Professor Ameenah Gurib-Fakim, the former President of Mauritius...
spot_img

Related Articles

Popular Categories

spot_imgspot_img